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Best credit card offers in Canada 2024

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Author: Vawn Himmelsbach
Author: Tyler Wade

By Vawn Himmelsbach & Tyler Wade

Fact Checked: Scott Birke

🗓️

Updated: May 07, 2024

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Getting a new credit card is a much sweeter experience when it comes bundled with a limited-time credit card offer for bulk bonus points, sky-high cashback levels, or accelerated rewards earning rates.

Missing one of these Canadian credit card promotions means letting a lot of extra value slip by, so before applying for offers on credit cards check to make sure there isn’t a more lucrative opportunity on the list of the best credit card promotions in Canada in alphabetical order.

Best welcome bonus credit cards in Canada

Credit card Fast facts Sign-up offer Get started
American Express® Aeroplan®* Card Annual fee: $120
Income requirement: None 		Earn up to 50,000 Welcome Bonus Aeroplan®* points Apply now
American Express Cobalt® Card Annual fee: $155.88 ($12.99/month)
Income requirement: None
Earn up to 15,000 Membership Rewards® points Apply now
American Express Green Card Annual fee: $0
Income requirement: None 		Earn 10,000 Membership Rewards® points Apply now
BMO CashBack® World Elite®* Mastercard®* Annual fee: $120 (first year free)
Income requirement: $80,000 personal or $150,000 household 		Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first year Apply now
CIBC Aventura Visa Infinite Annual fee: $139 (first year free)
Income requirement: 		Up to 45,000 Aventura points, get a one-time annual fee rebate and up to three authorized users, 4 airport lounge passes, a $50 NEXUS application fee rebate Apply now
CIBC Dividend Visa Infinite Annual fee: $120 (first year free)
Income requirement: $60,000 personal or $100,000 household 		Get a first-year annual fee rebate and earn 10% cash back welcome bonus of up to $250 (first 4 statements)† Apply now
Scotiabank Passport Visa Infinite Annual fee: $150 (first year free)
Income requirement: $60,000 personal or $100,000 household 		Up to 40,000 bonus Scene+ points and first year annual fee waived. Apply now
Tangerine World Mastercard Annual fee: $0
Income requirement: $60,000 personal or $100,000 household 		Get an extra 10% cash back on up to $1,000 in everyday purchases within your first 2 months. Apply now
TD Aeroplan Visa Infinite Privilege Annual fee: $599
Income requirement: $150,000 personal or $200,000 household 		Earn up to $2,900 in value† including up to 85,000 Aeroplan points†. Conditions Apply.
Apply now
TD First Class Travel Visa Infinite Annual fee: $139 (first year free)
Income requirement: $60,000 personal or $100,000 household 		Earn up to $800 in value†, including up to 100,000 TD Rewards Points† and no Annual Fee for the first year† Apply now

Best welcome bonus credit card in Canada for travel

American Express ® Aeroplan ®

Apply now

4

up to 50K pts

Good

Earn up to 50,000 Welcome Bonus Aeroplan®* points

Apply now

the points on eligible purchases made directly with Air Canada®* and Air Canada vacations®*

2x

the points on eligible Dining and Food Delivery purchases in Canada

1.5x

the points on everything else

1x

Annual Fee

$120

Foreign Transaction Fee

2.50%

Recommended Credit Score

Good

Required Annual Personal Income

$0

Pros

  • Aeroplan Points Accumulation: Earn up to 2 Aeroplan points per $1 spent on purchases.

  • Free Checked Bags: Free first checked bag on Air Canada flights for you and up to eight travel companions.

  • Preferred Pricing on Flight Awards: Access to preferred pricing on Aeroplan flight rewards.

  • Travel Insurance Coverage: Includes eight types of robust travel insurance.

  • Fast Track to Elite Status: Ability to reach Aeroplan Elite status more quickly.

  • American Express Experiences: Exclusive access to dining, sports, and entertainment events, plus Front Of The Line for presales and reserved tickets.

  • No Preset Spending Limit: Flexible spending based on credit history and account activity.

Cons

  • Limited Acceptance: American Express cards may not be as widely accepted as Visa or Mastercard.

  • High APR on Unpaid Balances: A steep annual interest rate of 30% for unpaid balances.

  • Limited Lounge Access: No access to Maple Leaf or PriorityPass lounges.

  • Restricted Points Earn Rate: The 2x points earn rate on Air Canada and Air Canada Vacations only applies to direct bookings through the airline.

  • Charge Card Expectations: You're expected to pay off the entire balance each month.

  • Specialized Rewards: High-value rewards primarily focused on redeeming for Air Canada flights.

  • American Express Aeroplan credit card offer breakdown

    +

    If you're looking for a travel bonus credit card, the Amex Aeroplan has you covered.

    Aeroplan points earning potential:

    Initial 3-Month Period: Earn 30,000 Aeroplan points after spending $3,000 in purchases on your Card within the first 3 months.

    13 Month Membership Bonus: earn an additional 20,000 Aeroplan points when you spend $1,000 in purchases in month 13

    Value Estimation

    Estimated value: In the first 13 months, the value accrued can be up to $1,100 or more in value when you combine your welcome bonus points and card benefits.

    This estimation is based on:

    The potential 50,000 Aeroplan points welcome bonus (valued up to $1,000), assuming a $0.02/point value, which is typical for over 70% of Aeroplan Cardmembers as of February 1, 2023.

    Free first checked bags for two people on a round-trip in the first year ($120 value).

    Not Included in Value Estimation: The Card’s annual fee is not considered in this value estimation.

    Aeroplan Points Value: Points have no cash value but can be redeemed for flights and other rewards. Their retail value varies based on the reward type.

    Conditions and Eligibility

    New Cardmembers: Offers are exclusive to new American Express Aeroplan Cardmembers. Current or former Cardmembers of this specific Card are ineligible.

    Account Status: The account must be in good standing to earn points. Points are earned on the amount of purchases less credits and adjustments.

    Timing for Points Awarding: Points earned may take up to eight weeks to reflect in the Aeroplan account after meeting the spending criteria.

    Note on Spending and Posting Dates

    To qualify for the monthly bonus points, purchases must be posted by the last day of each billing period. Purchases made but posted after the billing period's end will count towards the next period's spend.

TD credit card offers: Aeroplan

TD® Aeroplan® Visa Infinite Privilege* Card

Apply now

4

up to 85K pts

Excellent

Earn up to $2,900 in value† including up to 85,000 Aeroplan points†. Conditions Apply. Account must be approved by June 3, 2024.

Expires

Jun 4, 2024

Apply now

for every $1 spent on eligible gas, grocery and direct through Air Canada® purchases (including Air Canada Vacations®)†

2 points

for every $1 you charge to your Card on eligible gas, groceries, travel and dining purchases.†

1.5 points

for every $1 you charge to your Card on all other purchases.†

1.25 points

lounge visits included for each Cardholder per membership year at over 1,200 airport lounges worldwide with DragonPass†

6

Earn points twice when you provide your Aeroplan number to Aeroplan partner brands and on the Aeroplan eStore†

2x

more Aeroplan points at Starbucks when you link your TD card with your Starbucks® Rewards account.†

50%

Get a NEXUS application fee rebate every 48 months.†

$100

checked bag free for you and up to eight companions when your travel originates on an Air Canada flight.†

1st

savings at Avis and Budget in North America, 5% off internationally†

10%

Purchase APR

20.99%

Cash Advance APR

22.99%

Annual Fee

$599

Foreign Transaction Fee

2.50%

Recommended Credit Score

Excellent

Required Annual Personal Income

$150,000

Required Annual Household Income

$200,000

Pros

  • Welcome bonus up to 85,000 Aeroplan® points (up to $2,900 in value)

  • Complimentary Maple Leaf Lounge access and six worldwide lounge visits annually

  • Priority Boarding and Baggage Handling

  • High Aeroplan® earn rates, double points on eligible Air Canada purchases

  • Extensive travel insurance benefits

  • Free checked bags on Air Canada

  • Preferred Pricing on Aeroplan® flight rewards

  • Visa Infinite Privilege* designation perks (e.g. DragonPass membership)

  • $100 CAD NEXUS credit

Cons

  • Steep annual fee of $599

  • High eligibility requirements ($150,000 personal or $200,000 household income)

  • Additional cardholder fee of $199

  • High-value rewards mainly for Air Canada flights

  • TD® Aeroplan® Visa Infinite Privilege* welcome offer details

    +

    In terms of Aeroplan credit card offers, you can't beat the Privilege that comes along with this one.

    With the latest limited-time TD credit card promotion, you also receive substantial bonus points and other perks with the TD® Aeroplan® Visa Infinite Privilege* Credit Card :

    Earn up to $2,900 in value† including up to 85,000 Aeroplan points†. Conditions Apply. Account must be approved by June 3, 2024.

    ◦ Earn a welcome bonus of 20,000 Aeroplan points when you make your first purchase with your new card†

    ◦ Earn an additional 40,000 Aeroplan points when you spend $10,000 within 180 days of Account opening†

    ◦ Plus, earn a one-time anniversary bonus of 25,000 Aeroplan points when you spend $15,000 within 12 months of Account opening†

    Enroll for NEXUS and once every 48 months get an application fee rebate†

    Additionally, you can share the benefit of the first free checked bag with up to eight of your travel companions.

    This card also grants you unlimited access to Maple Leaf Lounges, where you're welcome to bring one guest at no extra cost.

    Finally, as the primary cardholder, you are entitled to six complimentary visits annually to select worldwide airport lounges, courtesy of the Visa Airport Companion Program.

Best Canadian credit card sign-up bonus

TD First Class Travel® Visa Infinite* Card

Apply now

4

max 100K pts

Good

Earn up to $800 in value†, including up to 100,000 TD Rewards Points† and no Annual Fee for the first year†. Conditions Apply. Account must be approved by June 3, 2024.

Expires

Jun 3, 2024

Apply now

Earn 8 TD Rewards Points for every $1 you spend through ExpediaForTD†

8 Points

Earn 6 TD Rewards Points for every $1 you spend on groceries and restaurants.†

6 Points

Earn 4 TD Rewards Points for every $1 you spend on recurring bill payments.†

4 Points

Earn 2 TD Rewards points for every $1 you spend using your card.†

2 Points

Each year, received a birthday bonus equal to 10% of the total number of points earned over the 12 preceding months.†

10% Bonus Points

Get an annual TD Travel Credit when you book at Expedia For TD†

$100

The annual fee is in USD

USD

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$139

Recommended Credit Score

Good

Required Annual Personal Income

$60,000

Required Annual Household Income

$100,000

Pros

  • Major combined value for the welcome bonus (up to $800†)

  • Good base earn rate on all purchases

  • Huge earn rate when you book travel through Expedia® For TD†

  • Very flexible redemption options

  • $100 TD Travel Credit†

  • Visa Infinite Benefits

  • Great savings on annual fees for accountholders of TD’s All-Inclusive Banking Plan

Cons

  • Does not provide free lounge access

  • Charges foreign transaction fees

  • TD credit card promotion breakdown for the First Class Travel Visa Infinite Card

    +

    This may be the best welcome bonus credit card in Canada with all those points.

    Adding on to the latest TD promotions, this card lets you earn up to $800 in value†, including up to 100,000 TD Rewards Points, no Annual Fee for the first year† and additional travel benefits. Conditions Apply. Account must be approved by June 3, 2024.

    Here's how you can earn these rewards:

    Receive a welcome bonus of 20,000 TD Rewards Points with your first card purchase.

    Earn 80,000 TD Rewards Points when you spend $5,000 within 180 days of Account opening†.

    Enjoy a Birthday Bonus of up to 10,000 TD Rewards Points.

    Each year, get a $100 TD Travel Credit when booking through Expedia® For TD.

    Have your first year’s annual fee rebated.

    To receive the first-year annual fee rebate for the Primary Cardholder, you must activate your Card and make your first Purchase on the Account within the first 3 months after Account opening. To receive the first Additional Cardholder first-year annual fee rebate, you must add your first Additional Cardholder by June 4, 2024.

    Looking for more TD credit card promotions? Check out our best TD Credit cards page

Best credit card balance transfer offers

Tangerine World Mastercard®

Apply now

4.1

max 10% back

Fair

about new welcome offers by email

Apply now

Earn 2% cash back in two categories of your choice (e.g. groceries, restaurants, gas, entertainment, recurring bill payments and more)

2%

Get a Tangerine Savings account and get a 3rd 2% cash back category.

3

Purchase APR

19.95%

Balance Transfer Rate

1.95%

Cash Advance APR

19.95%

Annual Fee

$0

Foreign Transaction Fee

2.50%

Recommended Credit Score

Fair

Required Annual Personal Income

$60,000

Pros

  • No annual fee

  • Unlimited money-back rewards

  • High 2% earn rate

  • Exclusive experiences through MasterCard

Cons

  • High minimum income requirement

  • Travel insurance would be a welcome addition to the travel-related benefits

  • Tangerine World welcome offer details

    +

    Earn an extra 10%; cash back on up to $1,000 in everyday purchases made within your first 2 months.*

    Earn 2% money back on everyday purchases in up to 3 categories of your choice. Money-Back Rewards are unlimited and paid monthly.

    This is a free credit card with some sweet money back rewards.

    Plus, get a low interest rate on Balance Transfers.

    If you have a balance you owe on another credit card with a higher interest rate, transfer it to a Tangerine World Mastercard, pay the low promotional interest rate of 1.95% on that transferred balance for 6 months (and 19.95% on any unpaid balances after 6 months). A Balance Transfer Fee of 1% on the amount transferred will apply.†

    You do need a higher income to qualify for this card, but if you're looking for another great Tangerine credit card promotion, check out the Tangerine Money-Back card where you can still pay only 1.95% interest for the first 6 months

    When looking at a credit card balance transfer offer, you need to compare the balance transfer rate, the fee, and the amount of months you get at that low rate.

    We like Tangerine because it's a great credit card after the balance transfer period is over. But, if you're looking for the best balance transfer credit card offers with a longer pay back period or ongoing low interest rates, you might want to check out our best balance transfer credit cards page to see which one suits you best (it may not be cash back you want, but lower rates).

    For instance, one of the best companies for credit card balance transfer promotions is MBNA. While they may not score highly for brand recognition (despite being owned by TD bank), the MBNA True Line Mastercard gives you a 0% promotional annual interest rate for 12 months and then 12.99% after that—a sweet balance transfer promotion credit card.

Best BMO offers

BMO CashBack® World Elite® Mastercard

Apply now

4

up to 10%

Excellent

Get up to 10% cash back in your first 3 months and the $120 annual fee waived in the first anniversary*.

Expires

Nov 30, 2024

Apply now

Groceries: 5% cash back up to $500 spent per month ($25 in cash back)*

5%

Transit: 4% cash back up to $300 spent per month ($12 in cash back)*

4%

Gas: 3% cash back up to $300 spent per month ($9 in cash back)*

3%

Recurring Bills: 2% cash back up to $500 spent per month ($10 in cash back)*

2%

Everything Else: 1% cash back, unlimited*

1%

Purchase APR

20.99%

Balance Transfer Rate

23.99%

Cash Advance APR

23.99%

Annual Fee

$120

Foreign Transaction Fee

2.90%

Recommended Credit Score

Excellent

Required Annual Personal Income

$80,000

Required Annual Household Income

$150,000

Pros

  • Valuable sign-up bonus

  • High 5% cash back rate on groceries

  • Free roadside assistance

  • Excellent extended warranty and purchase protection terms

Cons

  • Restrictive spending limits for most cash back categories

  • Sign-up bonus structure is head-scratchingly complicated

  • High minimum income requirements

  • BMO CashBack® World Elite®* Mastercard®* welcome offer

    +

    We love this BMO credit card promotion.

    With the BMO CashBack World Elite Mastercard, you’ll earn 5% back on groceries (up to $500 per month); 4% back on ground transit (up to $300 per month); 3% back on gas and electric vehicle charging (up to $300 per month); 2% back on recurring bills (up to $500 per month); and 1% back on everything else (unlimited). Plus, you’ll save up to 25% off rentals at participating National Car Rental and Alamo Rent A Car locations, receive complimentary roadside assistance, travel and medical protection, concierge services and cashback offers when you travel and shop outside of Canada.

    It’s also offering one of the juiciest sign-up bonuses available in Canada for those who prefer cashback over travel rewards: up to 10% back on $2,600 in qualified spending during the first three months (a value of $260). The cashback rate for the welcome offer is annoyingly tiered by spending category rather than offered as a flat rate, but the average Canadian at this income level can probably earn close to the maximum cashback available nonetheless:

    10% back on up to $500 spent on groceries (up to $50)

    10% back on up to $500 spent on recurring bills (up to $50)

    10% back on up to $300 spent on gas and electric vehicle charging (up to $30)

    10% back on up to $300 spent on ground transit (up to $30)

    10% back on up to $1,000 spent on everything else (up to $100)

    10% back on up to $1,000 spent on everything else (up to $100)

    Plus, an annual fee rebate for the first year (a $120 value)

    Terms and conditions apply.

CIBC credit card offers | Cash back

CIBC Dividend® Visa Infinite

Apply now

4

10% back

Good

Get a first-year annual fee rebate and earn 10% cash back welcome bonus of up to $250!†

Apply now

Earn 4% cash back on gas, EV charging, and groceries.

4%

Earn 2% cash back on dining, transportation, recurring payments or bills.

2%

Earn 1% cash back on all other purchases with no limit.

1%

Save 10 cents per litre with CIBC and Journie Rewards (Ultramar, Chevron, Pioneer, Fas Gas)

10 cents

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$120

Recommended Credit Score

Good

Required Annual Personal Income

$60,000

Required Annual Household Income

$100,000

Pros

  • Very high cash back rates on eligible groceries and gas and electric vehicle charging

  • Lucrative welcome offer

  • Flexible cash back redemption policy

  • Premium Visa Infinite benefits†

  • No limit on the total cash back you can earn†

Cons

  • Maximum annual spending limits in accelerated cash back

  • High-ish annual fee

  • Mid-level income requirement

  • CIBC Dividend Visa Infinite promotion breakdown

    +

    Get a first-year annual fee rebate and earn 10% cash back welcome bonus of up to $250 (first 4 statements)!†

    Here's what you get:

    You'll get a one-time annual fee rebate added during application. This rebate doesn’t apply to users added after application and is valid for the first year only. If you're considered for a different card, the rebate adjusts to that card's fee.

    If you're more into a CIBC credit card promotion for travel, check out the next card on our list.

CIBC credit card offers | Travel

CIBC Aventura® Visa Infinite

Apply now

4.5

Good

Join and get up to $1,500 in value including a first year annual fee rebate!†

Apply now

Earn 2 points per $1 spent on travel purchases through the CIBC Rewards Centre†

2

Earn 1.5 points for every $1 spent on eligible purchases at eligible gas stations, EV charging, grocery stores, and drug stores. Available on the first $80,000 in net annual card purchases on your account.

1.5

After exceeding $80k in purchases, cardholders will earn 1 point per $1 spent in these categories until the annual limit resets each December.

1

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$139

Recommended Credit Score

Good

  • How the CIBC Aventura Visa Infinite welcome offer works

    +

    In terms of CIBC bank offers, this one is awesome for travel.

    Earn up to 45,000 Aventura points (up to $1,500 in value), plus you get an annual fee rebate for you and three extra cardholders.

    Plus, elevate your airport experience with four complimentary visits at 1,200+ lounges globally through Visa Airport Companion Program.

    And get a NEXUS application fee rebate—your airport travel just got that much better.

    Here’s how to earn up to 35,000 Aventura Points:

    Get 15,000 Aventura Points when you make your first purchase.

    Get 30,000 Aventura Points when you spend $3,000 or more in the first 4 monthly statement periods.

    This is a digital-exclusive offer.†

    To be eligible for this offer:

    1) this offer must have been directly communicated to you from CIBC or from a partner/affiliate; and

    2) you must apply for the eligible card through the link provided in the CIBC or partner/affiliate communication to you.†

    This offer is reserved for you. Please do not forward it to anyone else.

    CIBC may approve your application, but you are not eligible to receive this Offer if you have opened, transferred or cancelled another Aventura card within the last 12 months.†

Best Amex offers in Canada

American Express Cobalt® Card

Apply now

5

15,000 pts

Fair

Earn up to 15,000 Membership Rewards points

Apply now

Earn 5 times he points on eligible eats and drinks in Canada, including groceries and food delivery. Spend cap applies.

5x

Earn 3 times the points on eligible streaming subscriptions in Canada.

3x

Get 2 times the points on eligible ride shares, transit & gas in Canada.

2x

Earn 1 additional point on eligible hotel and car rental bookings via American Express Travel Online

1x

Earn 1 point for every $1 in Card purchases everywhere else

1x

Get up to $100 USD hotel credit to use on amenities when charged to the room for a stay of 2 or more consecutive nights through The Hotel Collection from American Express Travel.

$100 USD

Purchase APR

21.99%

Cash Advance APR

21.99%

Annual Fee

$155.88

Foreign Transaction Fee

2.50%

Recommended Credit Score

Fair

Required Annual Personal Income

$0

Required Annual Household Income

$0

Pros

  • High earn rates (up to 5% return on spending!)

  • Flexible month-by-month fee structure

  • Free supplementary cards

  • 1:1 points transfer with selected hotels, airlines and frequent flyer programs

Cons

  • Accelerated earn rates only apply to purchases in Canada (not to purchases made abroad)

  • Amex has a more limited merchant acceptance rate than Visa and Mastercard

  • Slightly higher than average annual fee

  • How the Amex Cobalt welcome bonus works

    +

    In your first year as a new Cobalt Cardmember, you can earn 1,250 Membership Rewards® points for each monthly billing period in which you spend $750 in purchases on your Card. This could add up to 15,000 points in a year.

    This bonus is not available to current or former cardholders.

Best Amex offer with no annual fee

American Express® Green Card

Apply now

4.5

10,000 pts

Good

Earn 10,000 Membership Rewards® points1*

Apply now

Earn 1 Membership Rewards point per $1 spent.

1 MR point

Earn 1 additional MR point for every dollar charged to your card with Amex Travel Online.

1 bonus point

Purchase APR

21.99%

Cash Advance APR

21.99%

Annual Fee

$0

Recommended Credit Score

Good

Required Annual Personal Income

$0

Required Annual Household Income

$0

Pros

  • No annual fee.

  • No income requirements (unlike many other no-fee cards).

  • Welcome bonus up to 10,000 points (a $200 value).

  • American Express® Experiences.

Cons

  • The card only offers basic extended warranty and purchase protection insurance. No travel insurance or rental car coverage.

  • Some places might not accept American Express®. However, most major retailers do (more small businesses are starting to as well)

  • Fewer perks: No specific benefits for travel or dining and no accelerated earning rates on grocery or travel spending.

  • Lower earn rates: The reward earn rates are lower than some other no-fee credit cards.

  • How to Amex green credit card sign up bonus in Canada works

    +

    Charge $1,000 in purchases to your card in the first 3 months of owning it and you'll unlock 10,000 Membership Rewards points worth $100 for your next shopping excursion or ordering dinner in.

    With no annual fee, Amex is almost paying you to use this card. It's regularly voted as one of the top no-annual-fee credit cards in Canada, especially for travel.

    While the Amex acceptance rate is lower than Visa or Mastercard (but always improving), Amex consistently offers some of the best welcome bonus credit cards on the market. So, bookmark this page and check back often for our regular updates.

Scotiabank offers

Scotiabank Passport® Visa Infinite*

Apply now

3.6

up to 40K pts

Good

Earn up to $1,300* in value in the first 12 months, including up to 40,000 bonus Scene+ points and first year annual fee waived

Expires

Jul 2, 2024

Apply now

Scene+ points on every $1 you spend at Sobeys, Safeway, IGA, Foodland and participating Co-ops and more

3x

Scene+ points for every $1 you spend on other eligible grocery stores, dining, eligible entertainment purchases and eligible daily transit options (including ride shares, buses, subways, taxis and more)

2x

Scene+ point for every $1 spent on all other eligible everyday purchases

1x

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$150

Foreign Transaction Fee

0.00%

Recommended Credit Score

Good

Required Annual Personal Income

$60,000

Required Annual Household Income

$100,000

Pros

  • No FX fees means the card saves you significant expenses on foreign transaction fees

  • Earn up to 3x Scene+ points per $1 spent on eligible purchases

  • Flexible and straightforward redemption program

  • Visa acceptance globally compared to American Express, especially outside major cities.

  • Enjoy six annual visits to airport lounges

  • Robust insurance offerings, including extended travel emergency medical coverage

  • Access to Visa Infinite Program benefits, with added advantages like a free supplementary card

Cons

  • High annual fee

  • Limited rewards categories for earning reward max rate on purchases

  • Primarily best for travel within Canada

  • How the Scotiabank welcome bonus works for their Passport Visa Infinite card

    +

    If you're looking for welcome bonus credit cards from Scotiabank, the Passport wins as one of the best credit card promotions.

    You can earn up to $1,300 in value in the first 12 months with no annual fee and up to 40,000 bonus Scene+ points.

    To qualify for the sign up bonus on this credit card, you need to make at least $1,000 in purchases in your first 3 months. That will give you 30,000 Bonus Scene+ points.

    If you spend $40,000 on your card in a year (~$3,400/month), you'll get a bonus 10,000 Scene+ points.

    Plus, your first year annual fee is waived.

    Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank personal credit card in the past 2 years, including those that switch from an existing Scotiabank personal credit card, as well as employees of Scotiabank, are not eligible for the 30,000 bonus points offer. All cardholders remain eligible to earn an annual 10,000 Scene+ point bonus with an annual spend of at least $40,000.

Expert tip: How to compare credit cards with a sign up bonus or welcome offers

Welcome bonuses are a huge draw when it comes to getting a new credit card. However, they aren’t always offered and can frequently change. Some of the top tier cards have pretty hefty spending requirements in order to earn the full bonus, so it’s worth keeping an eye out on current credit card welcome bonuses when you know you have a big spend coming up. That being said, don’t get caught up on the sign-up bonus alone. You want to choose a credit card that, yes, has a decent welcome bonus but one that you can use regularly and benefit from in terms of perks, benefits, and rewards throughout the duration of your time with the credit card.

—Hannah Logan, Money.ca credit card, saving and travel expert

What are credit card welcome offers and how do they work?

Credit card welcome offers are bonuses and perks that entice new cardholders to choose one card over another. For example, a welcome offer for a cashback card will often increase the rate you’ll earn during the promotional period. Card promotions might also award travel or rewards points in bulk, free vouchers for airport lounge entry or vouchers for companion flights — and most waive the cardholder’s annual fee for the first year.

Many promotions provide these bonuses with no questions asked, but the most lucrative ones require the cardholder to fulfill specific criteria (like spending a certain amount or making an initial purchase) before receiving the bonus. Others may cap their rewards once a milestone has been reached. Some card issuers make a ‘welcome bonus’ part of their offering permanently, but the best package deals tend to be limited-time offers, with the clock ticking before the extra perks are off the table.

Sometimes a limited-time offer will be extended, but prospective cardholders shouldn’t bank on it. In the past, some promotions have ended due to relationship instabilities between rewards programs and card issuers, which was the case in 2017 when TD opted not to extend its Aeroplan credit card promotions. So if you see an amazing deal, jump on it!

Methodology: Best credit cards offers Canada-wide

If you're looking for the best credit card bonus, know that the best sign-up bonus offers are determined by the Money.ca editorial team and based on factors and features that everyday users care about most. We adhere to strict standards of editorial integrity to help you make decisions with confidence. The products featured in this article were independently selected, but please be aware that some products and services linked in this article are from our sponsors.

We collect data from providers’ websites by researching the offerings, using their services and watching demonstrations as required. Our goal is to provide an independent review, and give you the information you need to make a decision on which product or service is best for you.

How much is your credit card signup bonus in Canada really worth?

Read the credit card’s conditions and fine print to understand if you first need to meet a spending goal before earning the bonus, if the bonus rate only applies to a certain type of spending, or if there’s a maximum amount you can earn at the accelerated rate. Chances are that multiple conditions apply at once, and these will all factor into how worthwhile the sign-up bonus is really worth.

For example, say a promotional credit card deal in Canada requires new cardholders to spend $3,000 in three months to earn 35,000 points and a $150 annual fee waiver, together worth $400. This is a 13.33% extra return on your money assuming you spend that much normally (about $1,000 per month).

The type of spending that the bonus rate applies to is relevant as well. If you’re comparing two hypothetical cards, the first of which offers 10% back on spending but only in its primary category (such as groceries) and the second of which offers 6% back on all spending, you might actually collect more cash back with the latter card, despite its seemingly low rate. For some, the decision may come down to the size of their monthly grocery bill.

The final component to consider is the maximum cashback you can earn at the bonus rate, if applicable. If you earn 10% on spending up to $2,500, for instance, the maximum cashback you’ll get during the bonus period is $250. You’ll need to compare that to the benefits of the card once the promotional period is over.

Types of credit card offers in Canada

Not all credit card offers are alike. Here’s a breakdown of the different types of credit card offers in Canada:

Cashback bonuses: Cashback bonuses often provide a boosted earning rate on the card’s primary eligible spending category, but to a maximum amount of spending (and therefore accruable cashback) before the card’s regular cashback rate resumes. The annual fee may also be waived in the first year.

Travel bonuses: Travel card bonuses typically offer bulk travel or rewards points for reaching a spending milestone within a certain number of months; they might have an annual fee waiver attached to the milestone as well.

Balance transfer bonuses: These types of promotions will, for a set amount of time, reduce the interest rate charged to balances you’ve transferred onto the card. Sign up before the promotion expires and you’ll consolidate your balances to save a bundle on interest fees.

Credit card bonus conditions

You should always read the fine print when it comes to credit cards, including Canadian credit card promotions. For example, a credit card issuer might offer a sign-up bonus of 50,000 points, but the fine print will explain that you need to meet various spending goals throughout the year to achieve those points. Here are some credit card bonus conditions to be aware of when choosing a card:

Spending goal: Many bonuses will require the cardholder to spend a certain amount before they receive their bulk points or annual fee waiver.

2-year problem: Many credit cards (👀 Amex) make you wait until the 12th-14th month of spending to unlock all the possible rewards which means you're paying the annual fee twice (because they're essentially locking you in for 2 years).  

Account in good standing: Bonuses may only apply to accounts that maintain their good standing with the bank (such as accounts that don’t have delinquent balances).

Spending caps: Accelerated cashback or higher earning rates typically have a spending cap — on overall spending or category spending — so you can’t game the system.

Bonus time windows: This means that credit card promotions are only available for a limited time, and once the deadline has passed you’re out of luck. Also, cashback at an elevated rate or balance transfers at a low rate usually only applies for the first few months after an account is set up.

Purchase categories: A promotional cashback offer may apply to overall spending, but it may apply only to specific purchase categories, such as groceries or gas.

Bank promotions in Canada: While most credit card promotions are at the credit card level, there are banks that "stack" rewards together when you have multiple products with them. These financial bundles can unlock even more rewards (just be careful when you start unbundling and your bank account fees jump to $16.95 per month). 

How to compare the best card bonuses for cashback credit cards

With a cashback credit card, you get cash back on eligible purchases, based on a percentage of what you’ve spent. Eligible purchases could include spending categories such as groceries, gas, travel and even bill payments.

Some of the best card bonuses for cashback credit cards include:

  • An elevated cashback rate or statement credit during the promotional period
  • An accelerated rewards earning rate
  • An annual fee waiver for the first year

How to compare the best credit card offers in Canada for rewards credit cards

Rewards credit cards commonly offer bulk travel or rewards points for reaching a spending milestone within a certain period of time after opening an account.

Some of the best credit card promotional offers for rewards credit cards include:

  •  Bulk bonus travel or rewards points when you join and/or when you reach a spending milestone
  • Additional travel or rewards points when you make a qualified spend with a partner (such as an airline or retailer) during the promotion period
  • An accelerated rewards earning rate
  • An annual fee waiver for the first year
  • Additional perks, such as a travel enhancement credit or companion voucher

How to compare the best credit card promos for balance transfer credit cards

A balance transfer credit card allows you to use one credit card to pay off another credit card, which you might consider if you’re looking to move an existing balance to a card with a lower interest rate.

Some of the best credit card promos on balance transfer credit cards include:

  • A low introductory rate on transfers, sometimes as low as 0% (often for 12 to 24 months)
  • A low introductory rate on purchases (during the promotion period)

How to compare the best credit card promotion offers for premium credit cards

Premium credit cards come with a higher annual fee, but they also come with premium perks — but when choosing a card, make sure it will still meet your needs after the promotional period is over. For example, if a promotional offer on a travel rewards card waives the annual fee of $500 for the first year, you’ll need to consider if you travel enough to justify paying $500 every year thereafter.

Some of the best credit card promotional offers for premium credit cards include:

  • Bulk travel or rewards points for joining and/or when you reach spending milestones — sometimes enough to cover a roundtrip flight
  • Additional travel or rewards points when you make a qualified spend with a partner (such as an airline or retailer) during the promotion period
  • Additional perks, such as a travel enhancement credit or companion voucher
  • An accelerated rewards earning rate
  • An annual fee waiver for the first year

How to compare promo offers to choose the best credit card sign-up bonus in Canada

If a card's rewards, low interest rate or other lures seem really appealing, and if your wallet could use a change of plastic, maybe you should apply—after you consider a few things.

What's the purpose of credit card sign-up bonuses?

Credit card sign-up bonuses are designed to make a new credit card attractive to new potential credit card holders. In general, the more premium a credit card, the better the welcome offer usually is—but there are exceptions.

You may be tempted by a promotional offer such as a huge bonus of airline miles or rewards points if you reach a certain spending limit quickly on the new card. But you have to weigh whether you'll be able to pay off the balance quickly, without accruing interest charges. Other sign-up offers for balance transfer cards focus on low or zero-rate balance transfers, but could incur transfer fees as well.

Understand the terms of the credit card after its bonus offer expires

To determine how much the card will cost and how generous its promo offer really is, you need to look at these four important terms of the credit card after the welcome bonus period ends: APR; cash advance APR; grace period; and annual fee.

The APR is essentially the interest rate. Most cards charge no interest if you pay off the balance each month by the due date. A lower APR means lower interest charges if you do have to revolve, or carry over, debt from one month to the next.

If you plan to use your credit card for cash advances (meaning you withdraw cash from the card at an ATM), you might face a higher APR for cash. That cash advance APR may kick in immediately — no matter how fast you pay off the withdrawal.

If you don't usually pay your bills promptly, you'll want to know about the card's grace period. It's the amount of time you have to pay off a new balance before finance charges are applied.

About a quarter of credit cards have an annual fee that must be paid no matter how often the card is used or how much interest is accrued. Rewards credit cards tend to come with annual fees, and you may decide the fee is worth the benefits.

Sign-up bonuses aside, look for credit cards with terms that will be acceptable if you do find yourself carrying over debt and incurring interest charges. The best strategy is to get a mix of cards with different terms for different goals: paying everyday bills, taking care of emergencies, collecting frequent-flyer miles, and so on.

Are you getting the best credit card welcome bonus in Canada?

Any of the cards listed above are fantastic for a credit card bonus. However, know that companies can change a credit card bonus at anytime. If you like a credit card sign up bonus, or any of the credit card promotions, we suggest jumping on these promotions now and you can always switch out to another card later. There are many people on Reddit who "churn" or "hack" their way to dream vacations by hopping onto some of the best credit credit card promotions in Canada, accumulate points, then ditch the card for a better offer later. Just be mindful of your credit score because amount of credit and credit history are critical factors. 

American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information click the Apply now link. Conditions apply.BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.

FAQs

  • How do I get a credit card welcome bonus?

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    You won’t necessarily get a credit card welcome bonus just for signing up. Often, there are conditions attached to that welcome bonus, such as spending a certain amount of money within a certain timeframe, or spending money in particular categories (such as groceries or gas).

  • How do I compare credit card offers?

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    While you could look for a card with a large sign-up bonus, you should also consider your priorities when comparing credit card offers, for example, if you want rewards or cash back. You should also read the fine print. Many credit card offers have conditions or limitations.

  • Do welcome bonus points expire?

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    Welcome bonus points typically don’t expire, so long as your account is active and in good standing. However, in some cases, they could expire if your account is dormant for a specific period of time — usually from one to three years — so be sure to read the fine print.

  • What is a welcome bonus on a credit card?

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    A welcome bonus on a credit card is an incentive that credit card issuers offer to entice consumers to sign up for a new credit card and usually comes in the form of additional travel or rewards points, an elevated cashback rate, waiving of the annual fee or a combination of these offers. But, in most cases, welcome offers also come with minimum spend requirements, time limits and other conditions to earn those rewards.

  • What are the dangers of credit card promos / credit card offers?

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    One of the biggest dangers of credit card promos is racking up credit card debt by trying to maximize a promotional offer, such as overspending to meet your bonus requirement or buying products you don’t really need to get your cashback promotion. Overspending could lead to carrying a balance which, in turn, could hurt your credit score.

Vawn Himmelsbach Freelance Contributor

Vawn Himmelsbach is a journalist who has been covering tech, business and travel for more than two decades. Her work has been published in a variety of publications, including The Globe and Mail, Toronto Star, National Post, CBC News, ITbusiness, CAA Magazine, Zoomer, BOLD Magazine and Travelweek, among others.

Tyler Wade Content strategist & writer

Tyler Wade has worked in personal finance for over 5 years writing for brands like Ratehub, Forbes, KOHO, and now Money.ca.

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